Sanan Angubolkul, president of the Thai Chamber of Commerce and Board of Trade, urges the government to launch the digital wallet scheme next April to stimulate the economy. The war between Israel and Hamas may impact Thai exports. The Joint Standing Committee on Commerce, Industry and Banking predicts a decline in Thai exports and tourist arrivals, with GDP and inflation forecasts. The weakening of the Thai baht against the US$ may increase the current account deficit. Kriangkrai Thiennukul, president of the Federation of Thai Industries, also supports the digital wallet scheme.
The Push for Digital Wallet Scheme in Thailand
The Thai Chamber of Commerce and Board of Trade president, Sanan Angubolkul, urges the government to launch the digital wallet scheme in April 2024 to inject cash for economic stimulation. He warns that delay may have negative consequences. He also emphasizes that the conflict between Israel and Hamas will contribute to global economic uncertainty, potentially impacting Thai exports. Projections suggest a 1-2% shrinkage in overall Thai exports and revised tourist arrival numbers. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) also expresses concerns about the weakening of the Thai baht’s exchange rate.
Sanan Angubolkul suggests that the digital wallet scheme should target individuals in need and utilize the existing “pao tang” application to save cost and time. Industry Federation President Kriangkrai Thiennukul echoes the call for the digital wallet scheme and suggests using the same application for distribution. However, both also admit the need for careful consideration of the project to ensure its compliance with the law.
Concerns Over Thai Export Projections and Economy Recovery
The JSCCIB projects a decrease of 1-2% in Thai exports and revised figures for tourist arrivals. GDP is forecasted to be 2.5-3.0%, and inflation is expected to range from 1.7-2.2%. Sanan Angubolkul emphasizes the importance of adjusting minimum wages in line with each province’s economic situation, to support the economy’s recovery. Kriangkrai Thiennukul highlights the need for cautious implementation of the digital wallet scheme and confirms the private sector’s full support.
